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San Diego's Cue Health saw explosive demand for its 20-minute COVID-19 test from the military, the NBA, Google and other companies, and became the latest public company in the region on Friday, raising $200 million.
The upstart sold 12.5 million shares for $16 - the midpoint of its expected price range. The stock had a hot start, soaring 25% on the Nasdaq exchange to close at $20 per share.
Cue Health’s only current commercial product is a fast, portable COVID-19 test and reader. It has obtained two federal emergency use authorizations-first for use in doctor's offices and clinics under medical supervision, and then for use at home without professional assistance.
The NBA relied on Kuy’s tests during the bubble season and continues to use them today to allow players and personnel to test at home.
Google provides tests for certain employees. They are also used in nursing homes, schools and correctional institutions, as well as thousands of doctor's clinics.
But so far, the company's largest customer is the Department of Defense. About a year ago, Cue Health won a $481 million contract to produce 6 million COVID-19 tests and approximately 30,000 reading devices.
Cue has been scaling up to meet the Department of Defense's production goal of 100,000 tests per day. It increased from 99 employees in January 2020 to 1,254 at the end of August, most of which were recruited in production facilities in San Diego County. The revenue for the full year of 2020 is 23 million U.S. dollars. In the first six months of this year, Kuy’s revenue was US$201 million.
There are many types of coronavirus tests on the market. Co-founder and chief product officer Clint Sever said that what makes Cue unique is the ability to deliver fast and accurate results directly to mobile devices.
"There is a huge demand for testing," Seifer said in an interview on Friday. "And you will see that some tests are fast, but they are not very accurate. Or they are slow and expensive, and they come out of the laboratory. What we bring is that we are very easy to use, fast and accurate."
The company stated that the Mayo Clinic used its tests to prove that Cue's platform matched the results of the "gold standard" test conducted in a centralized laboratory 98% of the time.
What’s unknown is how much Cue’s test costs compared to other quick options (such as antigen testing), which are usually not as accurate, but also don’t require a separate reading device.
Cue Health currently relies on sales to businesses and organizations, and they pay for card readers and test boxes. It has not yet launched a direct-to-consumer test. But it is planned for the fourth quarter, Sever said. He declined to disclose pricing.
The company's test has not yet been fully approved by the U.S. Food and Drug Administration. Emergency use authorization is temporary and will eventually expire.
In addition to the coronavirus, Cue Health is also conducting other health tests in its pipeline. It expects to submit some of them to the FDA for approval starting in 2022.
Sever stated that the company's mission is to provide laboratory-quality diagnostics anywhere and help lead the digital transformation of healthcare.
"We are now best known for our COVID-19 test," he said. "But we are not just a COVID testing company. We have a platform built on more than a decade of development. We have more products on the road, such as influenza and RSV testing, women’s health and sexual health. Therefore, the platform More content will be provided."
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